I am trying to understand the future impact if I migrate onto universal credit by 2023 and any practical advice would be great. I am looking at financial settlement in divorce which is why I am trying to plan so far ahead.
I am currently receiving child tax credit for a 7 and 12 year old which totals £6110 a year and I am self employed earning 300 month maximum. I am also receiving child and spousal maintenance of £1800 month but this is still to be finalised. When Universal Credit replaces tax credits - as a self employed person I think I would be expected to earn a minimum income floor equivalent of 25 hours (although I will have other responsibilities i.e. single working parent) at £8.21 ph £10, 673 year, deducting n.i. contributions £826.16 month and with any spousal maintenance (£300? month) so in view of this income I would not be eligible for the standard single claimant allowance?.
Does anyone know if I would still be entitled to the extra amount - the child element of £277.08 for the first child and £231.67 for the second child or is it not standalone from the standard benefit. Are there any restrictions to receiving the child element?
I am also hoping to receive annual lump sums but I know between £6k and 16k every £250 is treated as giving an income of £4.35. I would use the bonus's for house repairs and childrens holidays so wonder if there are any exclusions for savings and capital.
Thanks